It’s no surprise that during such an unprecedented crisis such a COVID-19 pandemic, American anxiety levels are at historic highs. In terms of other pandemic diseases, #COVID-19 is breaking new ground in driving extraordinary levels of anxiety. While many Americans working to maintain an optimistic outlook, the convergence of anxieties around health, government and economic are creating a situation never seen before. Having multiple anxiety drivers make it very difficult to predict people’s behavior based on lessons learned from past crises. No doubt, we’re in unique times.
Why track anxiety? We’ve learned over time that consumer anxiety is inversely related to consumer confidence; as anxiety increases, consumer confidence decreases, and spending patterns change.
Based on a late-March Consumer Anxiety Index* we can draw several conclusions:
- On average, Americans are girding for another 3-4 months, putting the “end” in the June/July time period. However in terms of what the next 6 months will bring, Americans are feeling pessimistic; the economy and stock market, politics, COVID-19, access to quality healthcare, and the government’s ability to manage this crisis are all expected to get worse.
- At the moment, people’s economic anxieties are focused on the macro level – the economy and stock market. Americans have yet to pivot to what this is going to mean to their households and personal finances. As quarantines and business shut-downs continue through the coming weeks (and maybe months), the micro economic realities will begin to emerge as people feel the effects much more personally.
- While people are obviously focused on COVID-19 as a healthcare crisis, Americans’ broad concerns about the U.S. #healthcare industry (cost, quality, access, & reliability) remain a persistent area of concern, and one they’re likely thinking about during the current crisis and through the 2020 election.
- As would be expected states with high numbers of COVID-19 cases are highest on the AnxietyIndexTM, however younger Americans are much more anxious than their older counterparts, though it’s not necessarily COVID-19 that’s driving their anxiety. Rather, it’s the economic implications from COVID-19: job prospects, cost of living, cost of goods, etc.
- Political ideologies are clearly playing a significant role in anxiety today, especially as it relates to COVID-19 and the government’s ability to accomplish things during this time - people are concerned about politics getting in the way of what needs to get done.
- Overall, Americans only have an ‘OK’ (not great) understanding of the facts surrounding COVID-19, equal to about a C+.
- With a more immediate threat in COVID-19, anxieties about technology, data security, social concerns (education, drugs, immigration) have muted.
What’s worrying people most about the impact of COVID-19? There’s significantly more anxiety around how long the disruptions will last than the disruptions themselves…or said another way – uncertainty is driving anxiety. They’re clearly worried about the impact of what an extended period of disruptions will mean. Short-term, the economy crashing and overloading the healthcare system are big concerns.
For companies, this crisis is an opportunity for brands to act. While many industries are facing their own business challenges, brands that show empathy and take action on behalf of the American people will do well in earning the goodwill and admiration of people. What’s more, it’s not just a desire, people feel it is needed to get through the crisis.
Over 90% of consumers say they admire companies that are taking action to alleviate the impact of #coronavirus
* Wunderman Thompson AnxietyIndexTM